The naira rebounded against the U.S. dollar, gaining significant value this week, closing at N1,593.32/$1 in the official market.3 This improvement is linked to the recent settlement of a $500 million domestic dollar bond, which was fully subscribed by investors. The move injected confidence into the market and provided a brief cushion for the currency. On September 6, 2024, the Central Bank of Nigeria (CBN) took additional steps to ease pressure on the naira by approving the sale of $20,000 to each Bureau de Change (BDC) operator at a rate of N1580/$1. To stabilise exchange rates and meet the growing demand for invisible transactions, the CBN instructed the operators to maintain a margin of no more than 1%. This intervention comes after months of currency volatility that have put the naira under immense pressure, and by increasing liquidity in the market, the CBN aims to close the gap between official and parallel market rates, which has widened in recent weeks. This, if sustained, could temporarily boost the naira’s value and bring more stability to the foreign exchange market. However, to sustain the positive momentum and strengthen the naira over time, the government needs to implement a more holistic approach that goes beyond periodic interventions. Additionally, the government should intensify its efforts to attract foreign investment by fostering an enabling business environment with policies that promote stability, transparency and growth.

According to the National Bureau of Statistics (NBS) recent Transport Fares report, the average fare paid by commuters for bus travel within the city has decreased from N963.58 in June to N942.61 in July 2024, representing a 2.18% decrease MoM. However, year-on-year, it has declined by 29.46% from N1,336.29 in July 2023. Similarly, the average fare paid by commuters for intercity bus travel per drop rose to N7,117.17 in July from N7,029.23 in June 2024, representing a 0.35% increase. However, compared to July 2023, this fare has increased by 20.23%, from N5,919.19. Air transport fares have risen to N98,561.74 in July 2024, representing a 9.65% increase month on month. The average fare for motorbike (Okada) transportation increased by 1.22% to N483.49 in July 2024, from N477.49 in June 2024. On a year-over-year basis, this is down by 25.20% from N646.12 recorded in July 2023

The Purchasing Managers' Index (PMI) survey report of the Central Bank of Nigeria (CBN) has revealed that the composite PMI stood at 49.7 in July 2024, an improvement from 48.8 recorded in June 2024. The PMI measures a country's economic activity direction and extent. An index below 50.0 points indicates a contraction in business operations, while an index over 50.0 points indicates a growth in business activities. A 50.0 index denotes no change in the circumstances. The PMI value for July, which is below the critical threshold of 50.0, is the thirteenth consecutive contraction recorded by the CBN and signifies that business operations are still contracting, though at a slower pace compared to June. A sectoral disaggregation of the PMI shows that industry and agriculture recorded contractions of 48.3 and 49.7 respectively, while services recorded 50.3

The Nigeria Customs Service, in its monthly bulletin, reveals that, the Apapa Area command recorded a revenue collection of N1.023 trillion for the first half of 2024. This represents an increase of over 14% compared to the revenue collected in 2023. The increment might be linked with currency depreciation. The additional revenue comes at a crucial time for Nigeria's economy. Despite this positive development, the Nigeria Customs Service must strike a balance between revenue generation and trade facilitation. This is important because an excessive focus on revenue generation might incentivise behaviours that seek to maximise revenue while neglecting trade facilitation activities

According to the Liquified Petroleum Gas (LPG)/Cooking Gas Price Watch of the National Bureau of Statistics (NBS), the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) fell by 6.10% month-on-month from N7,418.45 in May 2024 to N6,966.03 in June 2024. However, it rose by 71.23% year-on-year when compared to N4,068.26 in June 2023. Zonal analysis revealed that the South-West region had the highest average retail price for refilling a 5kg cylinder of cooking gas at N7,241.67, followed by the North-Central at N7,096.51, with the North-West having the lowest at N6,660.20. At the state level, Osun recorded the highest average price at N7,800.00, followed by Edo at N7,750.00 and Ebonyi at N7,590.79. Conversely, Yobe had the lowest price at N6,062.50, with Jigawa at N6,144.44 and Anambra at N6,338.75. The month-on-month decline in prices can be attributed to the ban by the federal government on the export of cooking gas which has increased the volume available in the domestic market. However, the year-on-year increase reflects low production to meet high domestic and foreign demands, and inflationary pressures which arise from multiple factors including high transportation costs, and currency depreciation